Post Office Time Deposit Scheme: This post office scheme is offering customers more interest than the country’s largest government bank SBI. Post Office Time Deposit Scheme is the best option where you can keep your money safe. Today we are telling you about Post Office Time Deposit Scheme (TD Account), in which you get more interest than SBI.
SBI and Post Office Time Deposit Scheme (Post Office vs Time Deposit)
Interest rate: SBI is offering 6.50 percent interest per annum on 5-year FD. Whereas, in the Post Office Time Deposit Scheme, 7.5 percent interest is available on 5-year deposits.
Time taken to double the amount: If you invest money at 7.5 per cent interest rate, it will take about 9 years 6 months or a total of 114 months to double your amount.
- Invest : 5 lakhs.
- Money received on maturity: Rs 7,24,974
- Interest: Rs 2,24,974
These people can open accounts
In the Post Office Time Deposit Scheme, any individual can open an account alone. Three people can also open an account in this. For example, an account can be opened in the name of a parent and a child. Parents can also open the account in the name of children above the age of 10 years.
These are the specialty of post office time deposit scheme
- Interest rate – 7.5 percent
- Period – 1 year, 2 years, 3 years, 5 years
- Money received on maturity – Rs 7,24,974
- Interest benefit – Rs 2,24,974
